United States Senate Resolution No. 55, Of 14 November 2002

Original Language Title: Resolução do Senado Federal nº 55, de 14 de novembro de 2002

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Get a Day Pass for only USD$9.99.
Do I know that the Senate approved, and I, Ramez Tebet, President, pursuant to art. 48, paragraph XXVIII, the internal regulations, enact the following resolution No. 55 of 2002 Authorizes the Federative Republic of Brazil to hire external credit operation with the Inter-American Development Bank (IDB), worth up to $ 5,000, 000.00 (five million u.s. dollars), and the resources to fund, in part, the program of support for the Modernization of the Court of Auditors.
The SENATE RESOLVES: Art. first is the Federative Republic of Brazil shall be authorized, in accordance with resolution No. 96 of 1989, re-established by resolution No. 17 of 1992, both the Federal Senate, hiring external credit operation with the Inter-American Development Bank (IDB), worth up to $ 5,000, 000.00 (five million u.s. dollars), and the resources to fund, in part, the program of support for the Modernization of the Court of Auditors.
Art. 2 the financial conditions of the external credit operation referred to in art. 1 are as follows: I-borrower: Federative Republic of Brazil;
II-creditor: Inter-American Development Bank (IDB);
III-value: up to $ 5,000, 000.00 (five million u.s. dollars);
IV-purpose: finance, partly, the support programme for the modernisation of the Court of Auditors;
V-disbursement period: up to 3 (three) years;
VI-amortization: semi-annual installments, consecutively, as far as possible equal values, calculated based on the amount of principal disbursed outstanding, winning the first 42 (42) months after the date of signature of the contract and the last until 10 September 2022;
VII-interest: required semi-annually, calculated on the basis of the cost of funding of the Inter-American Development Bank (IDB), corresponding to the loan rate Qualified established during the Unimonetários 6 (six) months prior to their salaries, plus a reasonable margin expressed as a percentage, shall be paid yearly in 10 days of the months of March and September, from 10 March 2003;
VIII-credit Committee: required semi-annually on the same dates of payment of interest and calculated on the basis of the rate of 0.75% per year (75 cents per 100 a year) on the balance not paid the loan, entering into force 60 (60) days after the signing of the contract;
IX-resources for general inspection and supervision: $ 50, 000.00 (50000 American dollars), paid in quarterly installments, as far as possible the same.
Art. 3 the authorisation granted by this resolution must be exercised within a maximum of 540 (540) days counted from the date of publication of this resolution.
Art. 4 the parties involved in the credit operation contemplated in art. 1, should the contractual formalizações preliminary, meet the following requirements: I-fulfillment, by the Court of Auditors of the following conditions: the) creation of Unit Coordinator of the program (UCP) and designation of the manpower for its operation;
b) creating a financial and accounting system suitable for the record of the transactions carried out with the resources of the programme;
II-recognition, by the Inter-American Development Bank (IDB), the fulfillment, by the Court of Auditors, of the conditions referred to in item I.
Art. 5 this decision shall enter into force on the date of its publication.
Senate, on 14 November 2002 SENATOR RAMEZ TEBET President of Senate

Related Laws